Refining the literature on risk disclosure

Purpose - The purpose of this study is to make a critical review of the voluminous empirical literature on risk disclosure. Design/methodology/approach - This paper has conducted a detailed analysis of the nature and the content of selected studies published in well-reputed journals during the period 2000–2020. Findings - The systematic analysis reveals that majority of risks represented by operational, strategic, environmental, social, governance, information processing and technology, damage and integrity, etc. are considered as non-financial and reflects three main streams of research as determinants of the disclosures, disclosure’s practices and adoption of disclosures’ regulation. Practical implications - This review analysis makes a novel contribution to literature by offering certain policy implications for non-financial risk disclosure practices applied by companies during a historical period, characterised by uncertainties, that called for a gear change in the consideration and management of non-financial risks. Originality/value - This study makes a novel contribution to literature by summarising the voluminous empirical literature arranged on physical risk disclosure.